SMM News: Monday morning trading session in Asia City, the offshore RMB exchange rate against the dollar rose rapidly, the midpoint rose.
The offshore renminbi continued to rise against the dollar in early trading, rising above 6.90 at one point and rising nearly 200 points in the day, rebounding more than 150 points from its opening low. At the beginning of the shoreline, it rose rapidly, breaking through the 6.90 mark, and is now quoted at 6.8881.
The yuan rose 69 points to 6.8924 against the dollar, its biggest increase since April 18. The last day of trading, the mid-day price was 6.8993; the previous day's official closing price was 6.9050, and the previous day's night closing price was 6.9005.
On Saturday, Guo Shuqing, chairman of the CBRC, said in a speech originally planned for the 2019 Tsinghua Wudaokou Global Financial Forum on "Financial supply-side Reform and opening up." China's economic fundamentals determine that the RMB can not continue to depreciate, speculation against the RMB is bound to suffer huge losses.
In the above speech, Guo Shuqing also said: "in the past decade or so, whenever there has been a significant depreciation of the renminbi, it is basically due to external reasons, rather than our intention to do so." The most recent one was in May, when the offshore yuan fell by more than 3% against the dollar, as a result of escalating trade frictions in the United States and affecting market sentiment. "
"for a long time, developed countries have been asking the RMB to enhance the flexibility of the exchange rate, but when the degree of marketization and fluctuation of the RMB exchange rate price has increased, some countries have shown the attitude of Ye Gong," he added. It is clearly ridiculous to criticize us with unfounded suspicion. "
"the short-term fluctuation of the RMB exchange rate is normal, but in the long run, China's economic fundamentals determine that it is impossible for the RMB to continue to depreciate," Guo Shuqing said. "
The renminbi fell against a basket of currencies last week, according to data released this morning by the Foreign Exchange Trading Center. On May 24th, the CFETS renminbi exchange rate index fell 0.16 per cent from the previous week to 93.61, still down 6.39 per cent from the end of 2014.
Last week, the renminbi rose 0.13 per cent against the dollar, while the dollar index fell 0.39 per cent; since the end of 2014, the renminbi is still down 10.15 per cent against the dollar, while the dollar index is up 8.13 per cent.
In the process of continuous update.